Billal Ismail

Billal Ismail is an SVP at Jefferies covering Industrial sectors – Aerospace & Defense, Autos & Auto Parts, Capital Goods – in Specialist Equity Sales. Billal started his career at HSBC, where he covered Industrials for 12 years and ran
both Specialist Sales and their Alpha Capture business, globally. More recently he spent a few years away from cash equities, as the Head of Sales at a fintech start-up focused on Regulated Carbon Markets.

Martha Ford

Martha Ford joined the team in 2022, and covers the RV space.

Simon Toennessen joined Jefferies in 2019 as a Managing Director to head the European Capital Goods team and to cover the large cap Electrical companies. Rizk Maidi also joined in 2019, to cover the European machinery stocks. Both have been covering the industry for over 10 years. Lucas Ferhani joined the team in 2020, covering the wind and warehouse automation subsectors. Billal Ismail joined Jefferies in 2024 as the Industrials Specialist Salesperson.

What We Are Known For

We have longstanding experience across all main subsectors of Capital Goods, and a global focus.
Our stock calls are based on detailed fundamental analysis (valuation framework) as well as thematic ideas (ESG).
We develop proprietary tools in assessing company performance (e.g. elevator capacity, low voltage proxy).
We add regular calls and channel checks with our expert network to further add to our research process.

Alejandro Demichelis

Alejandro Demichelis joined Jefferies in 2023 as a Managing Director in the Latin American equity research team from Nau Securities to cover energy, infrastructure, and industrials. Alejandro has 25 years of experience in the energy sector, including positions as upstream portfolio manager at Abu Dhabi sovereign wealth fund IPIC (now Mubadala) and senior consultant with energy research firm Wood Mackenzie.

Jefferies Latin American equity research team is headed by Pedro Baptista who joined Jefferies in 2023 and is responsible for consumer and special situations (inc. Holding companies). The team also includes Iñigo Vega who joined in 2023 and has built full coverage of banks and fintech in Latin America and Alex Wright who joined Jefferies in 2023 and is responsible for covering Latin American Consumer and Telecom sectors. The analysts are also supported by associates Antonio Cardoso and Francisco Barbosa, who joined Jefferies at the beginning of 2025.

Alejandro Demichelis key sectors and stocks under coverage include:

Metals & mining: Grupo Mexico, Southern Copper, SQM
Oil Gas & Petrochemicals: Petrobras, Ecopetrol, Vista, YPF, Prio, Pampa, Ultrapar, Raizen, Vibra, Orizon, Geopark, Parex, Canacol
Transportation: CAAP, GAP, ASUR, OMA, Wilson Sons

What we are known for:

Special situations: Focus on change and special situations (OPAs, M&A, buybacks, spinoffs, abnormal NAV discounts, asset backing)
Long-term fundamental focus on key value drivers, drawing on our experience in other emerging and developed markets as well as leveraging on Jefferies’ global sector expertise.
Thematic work on areas such as Nearshoring, Fintech, Disruption, Education, Energy Transition, Digital Consumer, Demographics. Latin America has become a global Fintech hub and is home to one of the world’s largest neobanks, Nu Holdings Ltd.
Leveraging on JefData to drive proprietary insights into the themes above, for example using app and web traffic data, user overlap, retail store mapping, weather data
Anti-consensual: We are comfortable taking anti-consensual views where we have high-conviction in research-led insights
Small and mid-cap coverage: We research large and small firms, and this has become increasingly differentiated given the collapse in commitment to SMID coverage across the market
Holding companies: We are the only firm offering dedicated research on 30 Latin American conglomerates and holding companies and we apply a consistent framework to identify opportunities

Vanessa Jeffriess

We pride ourselves on stock-picking, and with the team having significant industry experience, understanding both economic and end market cycles, we have a better understanding of our sector and the companies under coverage compared to our peers. Both Vanessa Jeffriess and David Farrell joined in March 2021, and have 13 years and 6 years of experience, respectively. Andrew Douglas has over 20 years of equity research experience and joined Jefferies in Feb-12. He is also Co-Head of UK Mid-Market Research

What We Are Known For

Long-term knowledge of the UK Industrials sectors, leveraging insights across multiple end markets (across multiple cycles), backed up with JEF Data notes and ‘deep-dive’ calls
Unrivalled knowledge of companies and management teams, giving deeper insights into companies’ performance and outlook, supported by fireside chats with management teams and Expert Calls.
In-depth sector and initiation reports (FLSmidth, Metso and Judges Scientific in the last 12m) showcasing a thorough understanding of corporate divisions, ESG issues and market positioning relative to global peer groups.
Unique coverage list of 35 UK Industrials stocks (the deepest coverage on the Street) and 2 European mining equipment stocks. providing differentiated insights into stocks usually covered by sector analysts and able to provide bigger picture portfolio thinking.
A strong track record and corporate franchise resulting in being the ‘go-to’ UK Industrials analyst across a number of stocks.
Strong and regular conviction ideas, with clearly articulated investment cases over short- and long-term time horizons.
Working with US and European Industrials teams to get a more rounded and global sector view than most direct peers.

Andrew Douglas

Working closely with our Pan-Euro Capital Goods colleagues, we pride ourselves on stock-picking and with the team having significant industry experience, understanding both economic and end market cycles, we have a deep understanding of our sector. Andrew Douglas has over 20 years of equity research experience and joined Jefferies in February 2012 and is also Co-Head of UK Mid-Market Research. Both David Farrell and Vanessa Jeffriess joined in March 2021, and have 12 years and 6 years of experience, respectively.

What We Are Known For

Long-term knowledge of the UK Industrials sectors, leveraging insights across multiple end markets (across multiple cycles), backed up with JEF Data notes and ‘deep-dive’ calls.
Unrivalled knowledge of companies and management teams, giving deeper insights into companies’ performance and outlook, supported by fireside chats with management teams and Expert Calls.
In-depth sector and initiation reports (FLSmidth, Metso and Judges Scientific in the last 12m) showcasing a thorough understanding of corporate divisions, ESG issues and market positioning relative to global peer groups.
Unique coverage list of 35 UK Industrials stocks (the deepest coverage on the Street) and 2 European mining equipment stocks. providing differentiated insights into stocks usually covered by sector analysts and able to provide bigger picture portfolio thinking.
A strong track record and corporate franchise resulting in being the ‘go-to’ UK Industrials analyst across a number of stocks.
Strong and regular conviction ideas, with clearly articulated investment cases over short- and long-term time horizons.
Working with US and European Industrials teams to get a more rounded and global sector view than most direct peers.

Simon Toennessen

Simon Toennessen joined Jefferies in 2019 as a Managing Director to head the European Capital Goods team and to cover the large cap Electrical companies.

Rizk Maidi also joined in 2019, to cover the European machinery stocks. Both have been covering the industry for over 10 years. Lucas Ferhani joined the team in 2020, covering the wind and warehouse automation subsectors. Martha Ford joined the team in 2022, and covers the RV space. Billal Ismail joined Jefferies in 2024 as the Industrials Specialist Salesperson.

What We Are Known For

We have longstanding experience across all main subsectors of Capital Goods, and a global focus.
Our stock calls are based on detailed fundamental analysis (valuation framework) as well as thematic ideas (ESG).
We develop proprietary tools in assessing company performance (e.g. elevator capacity, low voltage proxy).
We add regular calls and channel checks with our expert network to further add to our research process.

Rizk Maidi

Rizk Maidi joined in 2019, to cover the European machinery stocks. He has been covering the industry for over 10 years.

Simon Toennessen joined Jefferies in 2019 as a Managing Director to head the European Capital Goods team and to cover the large cap Electrical companies. Lucas Ferhani joined the team in 2020, covering the wind and warehouse automation subsectors. Martha Ford joined the team in 2022, and covers the RV space. Billal Ismail joined Jefferies in 2024 as the Industrials Specialist Salesperson.

What We Are Known For

We have longstanding experience across all main subsectors of Capital Goods, and a global focus.
Our stock calls are based on detailed fundamental analysis (valuation framework) as well as thematic ideas (ESG).
We develop proprietary tools in assessing company performance (e.g. elevator capacity, low voltage proxy).
We add regular calls and channel checks with our expert network to further add to our research process.

Lucas Ferhani

Lucas Ferhani joined the team in 2020, covering the wind and warehouse automation subsectors. Simon Toennessen joined Jefferies in 2019 as a Managing Director to head the European Capital Goods team and to cover the large cap Electrical companies. Rizk Maidi also joined in 2019, to cover the European machinery stocks. Both have been covering the industry for over 10 years. Martha Ford joined the team in 2022, and covers the RV space. Billal Ismail joined Jefferies in 2024 as the Industrials Specialist Salesperson..

What We Are Known For

We have longstanding experience across all main subsectors of Capital Goods, and a global focus.
Our stock calls are based on detailed fundamental analysis (valuation framework) as well as thematic ideas (ESG).
We develop proprietary tools in assessing company performance (e.g. elevator capacity, low voltage proxy).
We add regular calls and channel checks with our expert network to further add to our research process.

David Farrell

We pride ourselves on stock-picking, and with the team having significant industry experience, understanding both economic and end market cycles, we have a better understanding of our sector and the companies under coverage compared to our peers. Andrew Douglas has over 20 years of equity research experience and joined Jefferies in Feb-12. He is also Co-Head of UK Mid-Market Research. Both David Farrell and Vanessa Jeffriess joined in March 2021, and have 13 years and 6 years of experience, respectively.

What We Are Known For

Long-term knowledge of the UK Industrials sectors, leveraging insights across multiple end markets (across multiple cycles), backed up with JEF Data notes and ‘deep-dive’ calls.
Unrivalled knowledge of companies and management teams, giving deeper insights into companies’ performance and outlook, supported by fireside chats with management teams and Expert Calls.
In-depth sector and initiation reports (Renishaw, Dowlais & AB Dynamics in the last 12m) showcasing a thorough understanding of corporate divisions, ESG issues and market positioning relative to global peer groups.
Unique coverage list of 34 stocks (the broadest coverage on the Street) providing differentiated insights into stocks usually covered by sector analysts and able to provide bigger picture portfolio thinking.
A strong track record and corporate franchise resulting in being the ‘go-to’ UK Industrials analysts across a number of stocks.
Strong and regular conviction ideas, with clearly articulated investment cases over short- and long-term time horizons.
Working with US and European Industrials teams to get a more rounded and global sector view than most direct peers.